Jobs, Growth, and Opportunity: Republicans’ Proven Record for New Hampshire Businesses

New Hampshire’s small businesses are the lifeblood of our state’s economy, driving innovation, creating jobs, and nurturing the Granite State’s unique spirit of independence. With 136,232 small businesses accounting for 99.3% of all enterprises in the state, their success is critical to our prosperity. Republicans in New Hampshire have long recognized this, championing policies that empower entrepreneurs and bolster the backbone of our economy. The numbers tell a compelling story of how GOP leadership has delivered tangible results for small businesses in recent years, from tax relief to regulatory reform, positioning New Hampshire as a haven for entrepreneurship.

Consider the state’s tax landscape, a cornerstone of Republican policy. New Hampshire boasts no personal income tax or general sales tax—a rarity that benefits small business owners directly. But Republicans haven’t stopped there. Over the past decade, they’ve slashed business taxes to fuel growth. The Business Profits Tax (BPT) has dropped from 8.5% in 2015 to 7.5% as of 2023, while the Business Enterprise Tax (BET) has been reduced from 0.75% in 2015 to 0.55% for taxable periods ending on or after December 31, 2022. These cuts translate to real savings: the BET reduction represents a 26.7% decrease in the rate, and the BPT reduction is an 11.8% drop. By raising the BPT filing threshold from $50,000 to $92,000 in gross business income for taxable periods ending on or after December 31, 2022, approximately 70% of BPT filers—over 51,000 businesses—were exempted from filing in Tax Year 2022.

The impact is clear. In 2019, small businesses generated 7,216 net new jobs in  New Hampshire, with firms employing fewer than 20 workers accounting for 5,328 of those—73.9% of the total. This job creation reflects a thriving ecosystem, one supported by Republican policies that prioritize keeping government lean and taxes low. Nationally, small businesses drive 43.5% of U.S. economic output, and in New Hampshire, they employ 291,368 workers—53.2% of the state’s private workforce as of 2023. Republicans understand that when small businesses succeed, communities flourish.

Beyond tax relief, Republicans have tackled the regulatory red tape that often strangles small enterprises. The New Hampshire Republican Party platform explicitly calls for minimizing “business regulations, permits, licenses, and paperwork” while cultivating “an attitude of assistance and cooperation with local businesses.” Under GOP leadership, the state is working strategically to streamline restrictive zoning and planning barriers, working cautiously with municipalities to ease the burden on developers, builders, and entrepreneurs while respecting local control. While comprehensive data on new business startups is limited, the SBA reports that New Hampshire’s small business birth rate (new firms as a percentage of total firms) was 9.2% in 2022, slightly above the national average of 8.9%, suggesting a favorable environment for new ventures.

Exporting, too, highlights Republican success. New Hampshire’s 2,239 small business exporters accounted for 30.2% of the state’s $5.1 billion in export revenue in 2019, the most recent year with detailed SBA data. GOP support for robust telecommunications and technology infrastructure has helped these firms tap into global markets, proving that small businesses can compete far beyond our borders when given the right tools. This aligns with a broader Republican vision: cultivating opportunity through incentives, not penalties, and issuing warnings before fines—a practical approach that keeps small businesses afloat.

Contrast this with the national picture. While Democrats tout 16 million new business applications from 2021 to 2023 under their watch, critics note that many of these are “likely employer” filings, not guaranteed job creators. In New Hampshire, Republicans focus on results, not just applications. The state’s private-sector job growth of 1.8% in 2023 outpaced the New England average of 1.5%, and small businesses here aren’t just starting—they’re thriving. A September 2024 poll by the Job Creators Network found 51% of small business owners nationwide favored Donald Trump over Kamala Harris (39%) for their needs, despite a near-even split in political affiliation (35% Republican, 30% Democrat, 33% Independent). In New Hampshire, this sentiment resonates, bolstered by a GOP track record of action.

Yet, challenges remain. High energy costs and housing shortages—top concerns for New Hampshire voters—threaten small businesses' employee recruitment and growth. Republicans have pushed for rebates from expensive green energy mandates to offset energy costs and proposed loosening zoning restrictions to boost housing. This is still a work in progress.In the 2024 election cycle, 33% of GOP candidates supported state action to remove zoning barriers, a pragmatic step toward affordability.

Skeptics might point to lagging business tax revenues in fiscal year 2025, down $39 million as of January 2025 compared to projections. But Republicans, including Gov. Kelly Ayotte, see this as a temporary dip, projecting a rebound in 2026 and 2027 based on historical trends—BPT revenue grew 118% from 2015 to 2022 despite rate cuts. Their optimism is backed by New Hampshire’s outperformance of neighbors and a pro-business climate that’s drawn entrepreneurs for decades. The GOP’s paid family medical leave program, launched in 2022 without an income tax, further exemplifies their innovative support for small business employees, offering voluntary benefits that attract talent without burdening employers. As of 2024, over 1,200 employers and 15,000 employees have enrolled, with no cost to the state’s general fund.

New Hampshire’s small businesses don’t need handouts—they need freedom to grow. Republicans have delivered that freedom through lower taxes, fewer regulations, and a relentless focus on opportunity. The statistics speak for themselves: from job creation to export revenue, the GOP’s policies have built a foundation for success. As we look to the future, it’s clear that Republican leadership remains the surest bet for keeping the Granite State’s entrepreneurial spirit alive and well.

Brian Labrie is a small business owner and New Hampshire State Representative from Bedford, who sits on The Labor, Industrial, and Rehabilitative Committee.